Onex : Q4 2024 Supplemental Information Package
ONEX.TO
Q4 2024 Supplemental Information Package
Safe Harbour
This Supplemental Information Package may contain, without limitation, forward-looking statements related to our future growth and our financial and operational results and performance that are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. In some cases, forward-looking statements can be identified by the use of words such as "outlook", "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," "illustrative" or the negative of such words or other words of similar connotation. Forward- looking statements are not guarantees. Specific risks and uncertainties that could cause our actual results, performance and outcomes to differ materially from those expressed in our forward-looking statements include, but are not limited to: variability of financial and operating results among periods, which include the pace, size and nature of transactions by or involving our asset management subsidiaries, investment funds, and operating companies; the volatility of the exchange rate between the U.S. dollar and the Canadian dollar and other currency exchange rates; changes in the fair market value of Onex' operating companies, including the market value of our publicly- traded operating companies; and activities at the operating companies of our private equity funds and events within their industries. These and other risks and uncertainties and factors are discussed in the Company's various public filings at www.sedar.comor on the Company's website, www.onex.com. These risks, uncertainties and factors may cause our actual financial and operational results and performance to differ materially from the expectations expressed or implied by the forward-looking statements contained in this presentation. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake to update any forward- looking statement, except as required by applicable law. These cautionary statements expressly qualify all forward-looking statements in this supplemental information package.
In addition, we may refer later in this presentation to various private offerings of securities. These offerings are made solely to such persons and in such transactions as do not require registration, qualification or approval under any U.S. or other applicable securities laws and otherwise to specified classes of permitted private purchasers. The securities are not and will not be registered, qualified or approved under U.S. or other securities laws, cannot be offered or sold in the U.S. without registration or exemption and will not be offered or sold in any other jurisdiction except in certain private, restricted transactions. This notification shall not constitute a promotion of, an offer to sell or the solicitation of an offer to buy any securities.
All dollar amounts in U.S. as at December 31, 2024, unless otherwise stated.
Q4 2024 Supplemental 1
Table of Contents
OVERVIEW
Key Highlights
4
Key Metrics
5
Investing Capital per Share
6
INVESTING
Investing Capital Schedules
8
Investing Segment Earnings
10
Onex' Investment Performance
13
ASSET MANAGEMENT
Fee-Related Earnings and Distributable Earnings
15
Carried Interest Schedules
16
Fee-Generating Assets Under Management
18
OTHER SCHEDULES
Liquidity Schedules
20
APPENDIX
Run-Rate Management Fees
23
Fund Performance
26
Private Equity Portfolio Overview
27
Private Client Fee-Generating Assets Under Management
28
Reconciliation of GAAP to Non-GAAP Measures
30
ENDNOTES
31
Q4 2024 Supplemental 2
Overview
Q4 2024 Supplemental Information Package
3
Key Highlights
Investing
Asset
Management
Key Activities
Q4 2024 Supplemental 4
Key Metrics
($ in millions, except per share data)
YTD(1)
Q4'24
Q3'24
Q2'24
Q1'24
Q4'23
Q3'23
Q2'23
Q1'23
Net earnings (loss)
$303
($2)
$127
$168
$10
$373
$256
$132
($232)
Net earnings (loss) per share - diluted
$4.00
($0.02)
$1.68
$2.19
$0.13
$4.81
$3.23
$1.63
($2.87)
Investing capital
$8,273
$8,473
$8,480
$8,390
$8,433
$8,074
$7,944
$7,798
Investing capital per share - USD (2)
+6%
$113.70
$113.37
$110.35
$107.44
$107.82
$103.19
$98.87
$96.24
Investing capital per share - CAD (2)
+15%
$163.54
$153.04
$151.04
$145.58
$142.61
$139.51
$130.91
$130.25
Investing segment earnings (loss)
$344
$29
$121
$140
$54
$326
$245
$200
$44
Investing segment earnings (loss) per share
$0.38
$1.58
$1.79
$0.67
$4.19
$3.10
$2.46
$0.54
Total Fee-Generating AUM
+4%
$35,239
$34,131
$32,872
$35,051
$33,737
$34,248
$34,258
$34,676
Credit
+6%
$23,653
$21,952
$20,352
$22,965
$22,344
$23,207
$23,860
$24,348
Private Equity
+2%
$11,586
$12,179
$12,520
$12,086
$11,393
$11,041
$10,398
$10,328
Fee-Related Earnings (Loss)(3)
Run-rate management fees
+2%
$195
$187
$179
$197
$191
$235
$251
$260
Asset Management Fee-Related Earnings (Loss)(3)
$6
$6
$6
($2)
($4)
$3
$13
$4
($8)
Total fee-related earnings (Loss)(3)
($21)
($1)
$0
($8)
($12)
($2)
$8
($4)
($16)
Carried Interest(4)
Ending unrealized carried interest balance
$286
$270
$258
$248
$264
$227
$198
$203
Carried interest increase (decrease)
$38
$18
$22
$14
($16)
$45
$30
($5)
($59)
Carried interest realized/distributed
$16
$2
$10
$4
$0
$8
$1
$0
$4
Distributable earnings(3)
$617
$231
$267
$74
$45
$139
$223
$367
$68
Q4 2024 Supplemental 5
Investing Capital per Share
KEY HIGHLIGHTS
Private Equity
$113.70
Credit
$107.82
$96.95
Other
$90.75
Cash & Near-Cash
$73.61
$63.77
13%
5-year CAGR(1)
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Q4 2024 Supplemental 6
Investing
Q4 2024 Supplemental Information Package
7
Investing Capital Per Share
($ in millions, except per share data)
December 31,
September 30,
December 31,
As at
2024
2024
2023
Private Equity
Onex Partners
Private Companies(1)
$
3,762
$
3,451
$
3,733
Public Companies(2)(3)
310
863
712
ONCAP - Private Companies(4)
795
818
929
Other Private Equity(2)(5)
587
555
407
Unrealized Carried Interest(6)
264
253
252
Total Private Equity
5,718
5,940
6,033
Credit
Credit investments(7)
924
888
904
Unrealized Carried Interest(8)
22
17
13
Total Credit
946
905
917
Other Net Assets (9)
31
29
17
Cash and Near-Cash(10)(11)
1,578
1,599
1,466
Debt(12)
-
-
-
Onex Investing Capital
$
8,273
$
8,473
$
8,433
Onex Investing Capital per Share (U.S. dollars)(13)
$
113.70
$
113.37
$
107.82
Onex Investing Capital per Share (Canadian dollars)(13)
C$
163.54
C$
153.04
C$
142.61
See endnotes at the end of the presentation about Investing Capital tables. Investing Capital is equivalent to investing segment assets included in Onex' 2024 Annual Report.
KEY HIGHLIGHTS
Q4 2024 Supplemental 8
Investing Capital: Fourth Quarter Changes
($ in millions)
Onex Partners
Private Companies
(1)
Public Companies
(2)(3)
ONCAP - Private Companies
(4)
Other Private Equity
(2)(5)
(6)
Unrealized Carried Interest
Total Private Equity
Credit Investing
(7)
Unrealized Carried Interest
(8)
Total Onex Credit
Other Net Assets
(9)
Cash and Near-Cash
(10)(11)
Debt
(12)
Onex Investing Capital
Total
September 30,
Capital
Realizations &
Segment
Other
December 31,
2024
Deployed
Distributions
Earnings
Items
(15)
2024
$
3,977
$
143
$
(389)
$
31
$
-
$
3,762
337
-
-
(27)
-
310
818
4
(30)
3
-
795
555
39
(11)
4
-
587
253
-
(1)
12
-
264
5,940
186
(431)
23
-
5,718
888
330
(310)
16
-
924
17
n/a
(1)
6
-
22
905
330
(311)
22
-
946
29
-
-
2
-
31
1,599
(516)
742
-
(247)
1,578
-
-
-
-
-
-
$
8,473
$
-
$
-
$
47
$
(247)
$
8,273
See endnotes at the end of the presentation about Investing Capital tables. Investing Capital is equivalent to investing segment assets included in Onex' 2024 Annual Report.
Q4 2024 Supplemental 9
Disclaimer
Onex Corporation published this content on February 21, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 21, 2025 at 12:05:18.701.